Waterstone's parent freezes staff pay across the group

Waterstone's parent freezes staff pay across the group

<p>Waterstone&#39;s has confirmed that staff pay is to be frozen this year as part of a wider move across the HMV Group to maintain costs. A spokesperson for the bookseller said: &quot;No pay awards are being made across HMV Group this year as we continue to contain our costs.&quot;</p><p>The chain declined to comment further. Yesterday The Bookseller revealed that the chain was to open a <a href="../news/122994-waterstones-to-open-cinema-in-piccadilly-branch.html" target="_blank" title="http://www.thebookseller.com/news/122994-waterstones-to-open-cinema-in-p... at its Piccadilly branch</a>.</p><p>In Waterstone&#39;s most recent set of results, for the year ending 24th April, profit fell by more than 70% to &pound;2.8m. Sales were also down 6.3% to &pound;513.6m. At the time, managing director Dominic Myers described the figures as being caused by an &quot;unacceptable Christmas&quot;, adding: &quot;We need to see a substantial improvement in profits. We have got a clear program to achieve that which we are well on track with. Most of this is focused on getting a good proposition in place in time for Christmas and I am confident we will do that.&quot;</p>